Homegrown private equity giant Everstone Capital has partially exited its over eight-year-old investment in Acqueon Technologies, formerly known as Servion Global Solutions, in a secondary transaction.
Long Ridge Equity Partners, a US-based private equity investor, has purchased the majority of the PE fund’s stake in the company, which is known for its omni-channel customer engagement software. Long Ridge Equity Partners, founded in 2007, focuses primarily on companies in the financial and business technology sectors.
Avnish Mehra, Senior MD and CO-Head, Everstone Capital mentioned that during its tenure as an investor, Everstone executed various value-creation initiatives in Acqueon, including professionalizing and institutionalizing the business, adding deep industry experience, enabling research and development (R&D) and sales investments and facilitating partnerships with new-age cloud contact center players.
Everstone, along with the US-based private equity firm Solmark, invested Rs 403 crore in Servion in November 2014. The fund returned in May 2017 to inject additional capital into the company.
Acqueon has over 200 enterprise customers in the financial services and banking industries, as well as healthcare, retail, and distribution. According to the company, its real-time agent guidance and coaching technology boosts customer conversion and revenue capture while improving agent productivity and contact centre efficiency.
Another domestic private equity fund, Kedaara Capital, has recently made back-to-back investments in the IT services sector. It had acquired a majority stake in GAVS Technologies, a global IT services provider specialising in AI-led managed services and digital transformation, as well as Great Software Laboratory (GS Lab), a digital product engineering services firm.
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